dYdX Chain v8.0 upgrade vote goes live

The dYdX Foundation has announced that a community vote on whether the crypto project can upgrade the dYdX chain to version 8.0 is now underway.

Chain voting, by which the dYdX (DYDX) community will decide if the dYdX channel can be upgraded to v8.0, will end on January 21, 2025, the dYdX Foundation said in an official statement. announcement.

THE proposalpresented by the dYdX Operations subDAO, describes an upgrade to the dYdX protocol that would introduce authorized keys to improve account risk management and API trader security. If approved by the community, the upgrade will also remove marketmap functionality, allowing market mappers to remove unlaunched markets, among other key improvements.

According to the Operations Sub-DAO, implementation of this crucial software upgrade is contingent on community approval of the governance proposal.

The timeline for the proposal begins with its submission and chain vote on January 17, followed by the expected vote result on January 21 and potential implementation on January 22. The leveling should take place at the height of the block. 35,602,000.

dYdX is a decentralized financial trading platform that introduced DEX aggregators, decentralized margin trading, and flash loans in 2018. The dYdX chain launched as a standalone app chain in October 2023, with decentralization, network speed and user experience at the heart of its design. Version 8.0 represents the latest platform upgrade proposal.

The native token of the dYdX chain is DYDX, which holders can stake to help secure the chain and earn protocol rewards. The L1 token is currently trading at around $1.43, up 6% in the last 24 hours.